Co-Founder & CEO of CryptoCFOs.com Bridging the gap between tradfi and DeFi for tax and accounting pros Crypto/Surf/Acro Uvita, CR
5 Followers
🏎 Its official, I just sold my car for BTC..🤑 What are the tax implications? The only thing this triggered was to establish the cost basis of my BTC This means, if I ever sell my BTC I will recognize capital gains on the difference between the future sales proceeds and this cost basis that I just established
recast:farcaster://casts/0x90e8692dc627b81e6c73037e077c833c7d9254a3c6cfafc662e3aca32a713772
I did a call with my aunt and her friends in Oct of 2021 (by her request) to explain about ETH and BTC and advised them all to only DCA into those 2 and to expect a pull back in the short term based on the cycles. They’ve all been plugging away since and are now asking me about staking!
recast:farcaster://casts/0xeb8d73e6b7541acd0bf4b59be7f4a02ed2b64e166c506a59c422e69887995a48
🏎 Its official, I just sold my car for BTC..🤑 What are the tax implications? The only thing this triggered was to establish the cost basis of my BTC This means, if I ever sell my BTC I will recognize capital gains on the difference between the future sales proceeds and this cost basis that I just established